Booklet gma industrial dashboards 2014'q3 by Colliers International

Industrial Market Dashboard Greater Montreal Area

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Population of over 3,957,700 which is approximately half of the total population of the province of Québec • Second largest city in Canada • Its economy is mainly focused on service-based businesses, which employ 81% of the population • RECENT Concentration of high-tech businesses SALES • Montréal has one of the world's largest inland container port • The Montréal island is a major industrial and commercial hub strategically located in the heart of the Québec CityWindsor corridor, Canada’s largest market. Rail lines to the east and south of the city serve eastern Canada and the northeastern U.S.

Indicators

2014 Q2

2014 Q3

4.6%

4.2%

7.2%

6.1%

4.5%

2.9%

14,971,554

13,446,232

1,694,927

1,087,644

Under Construction (SF)

345,999

2,739,636

New Supply (SF)

286,201

233,490

Average Sale Price (PSF)

$54.56

$69.92

Average Weighted Asking Rent 5

$5.38

$5.34

Vacancy Rate1 Availability Rate

Proportion of Sublease

Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q q q q p q p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

RECENT LEASE TRANSACTIONS

# of Sales Transactions

Absorption

$300

100

Total Vacancy Rate

Asking rent

10.0

9.0

$200

Millions

$150

Absorption (Millions SF)

1.5

8.0

7.0

6.0 $5.34

5.0

0.5

4.0 4.2%

$100 30

3.0

$50

2.0

2013 Q2

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2013 Q4

2014 Q1

2014 Q2

2014 Q3 1.0

2013 Q3

-0.5

0.0

Asking Net Rent ($) / Vacancy (%)

$250

4600, boul. Poirier

Fersten Worldwide Inc.

104,560 SF

5800, rue Saint-Denis

Empire Clothing

52,306

2100, 52e avenue

8843848 Canada Inc.

51,243

4105, boul. Matte

Biron Groupe Santé Inc.

50,845

105, boul. Marcel-Laurin

RD International

32,072

8525, rue Ernest-Cormier

Numage Québec

31,397

RECENT SALES TRANSACTIONS 5781, rue Notre-Dame Est

9280-4301 Québec Inc

605,623

545, rue Fernand-Poitras

Saga Realties

218,930

6666, rue Saint-Urbain

9301‑8489 Québec Inc.

213,876

6650, rue Saint-Urbain

9301‑8489 Québec Inc.

170,236

2945-2965, av. André

Skyline Commercial Real Estate Holdings

133,557

1930, 1960, 52e Avenue

Fratino Family Management Inc.

121,998

1. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 2. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease, sublease or for sale and may or may not be vacant. 3. Proportion of sublease: The ratio of vacant space available for sublease over the total vacant space. 4. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 5. Average Weighted Asking Rent: The average asking rent for all buildings in an industrial market or submarket weighted by the total amount of available square footage in the building .

2014 Q3

Colliers International, 2014 Q3 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.

Industrial Market Dashboard West Island

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• The ever-growing West Island market is made up of a multitude of boroughs and cities such as Dorval, Pointe-Claire, and Dollarddes-Ormeaux, to name a few • Easy access to green spaces, free parking and great amenities • Close proximity to the P.E.T. International Airport , Laval and to the Ontario and U.S.A. borders • Access to Highways 20 and 40, 20 minutes to downtown, RECENT SALES accessible public transit • Diversified economy, highly-educated bilingual work force • The dynamic West Island Economic Development Corporation provides the necessary support to big and small businesses • The West Island, diverse in culture and industry, offers an ideal, progressive business environment, poised to nurture innovation and growth

Indicators

2014 Q2

2014 Q3

6.3%

5.8%

10.1%

9.5%

0.0%

2,632,864

2,452,952

367,389

179,912

296,000

New Supply (SF)

125,000

Average Sale Price (PSF)

$66.18

$105.87

Average Weighted Asking Rent5

$5.17

$5.10

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF) Under Construction (SF)

Trend*

q q tu q q p q p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

0.4

Millions

$50

Absorption

10.0

9.0 14

0.3

8.0 12

$35 10

$30

$25

Absorption (Millions SF)

$40 0.2

7.0

5.8% 6.0

0.1 $5.10 0

2013 Q2

$20

5.0

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

4.0

6 -0.1

$15

3.0

2.0

$10

-0.2 1.0

-0.3 $0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

0.0

Asking Net Rent ($) / Vacancy (%)

$45

87, boul. Brunswick

Coexiste Crossfit Inc.

16,382 SF

9569-9573, ch. de la Côte-de-Liesse

H.A. Kidd & Company Ltd.

12,263

2400B, aut. Transcanadienne

1029894 Ontario Inc.

10,124

132, av. Lindsay

Bio Lonreco Inc.

9,050

9601, ch. de la Côte-de-Liesse

Boulangerie Casse-Noisette Inc.

7,748

137, av. Labrosse

Tindex Sales

4,039

RECENT SALES TRANSACTIONS 2945-2965, av. André

Skyline Commercial Real Estate Holdings

133,557

70, boul. Hymus

Skyline Commercial Real Estate Holdings

90,969

2000, ch. Saint-François

Piret

78,560

20201, av. Clark-Graham

Société De Placement Richard Et Monique Labrecque Ltée

31,776

2215, ch. Saint-François

9302‑1293 Québec Inc.

15,455

18900, av. Clark-Graham

Biofirst Inc.

12,058

2014 Q3

Industrial Submarket Dashboard Baie d'Urfé Ste-Anne-de-Bellevue

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The industrial hub, developed in the 60s, now includes over 80 companies • Baie-d'Urfé's industrial sector is delimited to the North by the Trans-Canada Highway (40) to the South by the Remembrance Highway (20), to the West by the Macdonald College campus in Sainte-Anne-de-Bellevue and to the East by the western limit of the City of Beaconsfield RECENT SALES • It is also serviced by CN and CP railways which connect Montréal to Ontario and Western Canada • The northern part of the city between Highways 20 and 40 is an industrial park • Access to green spaces • Baie-D’Urfé and Sainte-Anne-de-Bellevue are accessible by public transit by means of the Vaudreuil-Hudson commuter train as well as by means of six STM bus lines and 23 shared taxibus stops

Indicators

2014 Q2

2014 Q3

11.5%

10.7%

13.8%

15.1%

0.0%

662,643

614,959

96,912

47,684

Under Construction (SF)

296,000

New Supply (SF)

Average Sale Price (PSF)

$65.27

$56.81

Average Weighted Asking Rent5

$4.91

$4.95

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q p tu q q p tu q p

* change over previous quarter

18-MONTH TREND SALES TRANSACTION VOLUME Absorption Sales Transaction Volume ($)

Total Vacancy Rate

Asking rent

# of Sales Transactions 150

16.0

2.5 14.0

$3 1.5 $3

$2 1

10.7%

12.0

50 10.0

8.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 6.0

-50 $4.95

4.0

-100 $1

2.0

0.5

-150

0.0

Asking Net Rent ($) / Vacancy (%)

100

$4 Absorption (Thousands SF)

Millions

RECENT SALES TRANSACTIONS 20201, av. Clark-Graham 18900, av. Clark-Graham

Société De Placement Richard Et Monique Labrecque Ltée Biofirst Inc.

2013 Q3

2013 Q4

2014 Q1

2014 Q2

12,058

0 2013 Q2

31,776 SF

2014 Q3

Industrial Submarket Dashboard Kirkland

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Kirkland is primarily a residential community, with a commercial core, and an industrial park straddling the Trans-Canada Highway (Autoroute 40) • At the crossroads of Canada's major highways and only minutes to the U.S. interstate system RECENT SALES • At the heart of the most active rail corridor in Canada • A major distribution centre for Eastern Canada • Kirkland provides quick access to Montréal's P.E.T. International Airport, to the port, as well as one of the most active railway corridors in the country, not to mention its proximity to essential services

Indicators

2014 Q2

2014 Q3

1.0%

0.6%

5.2%

2.4%

0.0%

45,708

26,233

Net Absorption (SF)

19,475

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$6.00

$5.25

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Average Weighted Asking Rent5

Trend*

q q tu q p tu tu tu q

* change over previous quarter

18-MONTH TREND RECENT LEASE TRANSACTIONS Total Vacancy Rate

Asking rent

8.0

7.0

40 6.0

Absorption (Thousands SF)

$5.25 30 5.0

20 4.0 10 3.0 0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 2.0

-10 1.0

-20 0.6% -30

0.0

16869-16897, boul. Hymus

Egan Laing Inc.

3,168 SF

16869-16897, boul. Hymus

L.E.S. Mécanique Inc.

2,533

Asking Net Rent ($) / Vacancy (%)

Absorption

Industrial Submarket Dashboard Pointe-Claire

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Strategically located and well served by a modern transportation network, such as the AMT bus service and the CP rail service • Pointe-Claire has been able to maintain its local identity while adapting to the demands of an urban RECENT SALES contemporary lifestyle • In 2011, Pointe-Claire celebrated 100 years as a Municipal corporation under the name of the City of Pointe-Claire • The city has shopping centers, yacht clubs, swimming teams and much more to offer

Indicators

2014 Q2

2014 Q3

8.3%

8.2%

13.6%

14.1%

0.0%

1,184,815

1,169,237

196,173

15,578

New Supply (SF)

125,000

Average Sale Price (PSF)

$48.89

$61.91

Average Weighted Asking Rent5

$5.10

$5.05

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF) Under Construction (SF)

Trend*

q p tu q q tu q p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS Absorption

# of Sales Transactions

Millions

$30

250

200

Total Vacancy Rate

Asking rent

8.2%

$25

$15 3 $10

Absorptiion (Thousands SF)

$20

7.0 150 6.0 100

5.0 $5.05

4.0 50 3.0

2.0 0 $5

2013 Q2

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 1.0

-50 $0

1029894 Ontario Inc.

10,124 SF

137, av. Labrosse

Tindex Sales

4,039

9.0 8.0

2400B, aut. Transcanadienne

10.0

0.0

Asking Net Rent ($) / Vacancy (%)

Sales Transaction Volume ($)

RECENT SALES TRANSACTIONS 70, boul. Hymus

Skyline Commercial Real Estate Holdings

90,969

104, av. Gun, Unité E

3035646 Canada Inc.

3,528

2014 Q3

Industrial Submarket Dashboard Dollard-des-Ormeaux

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Commercial activities are concentrated on the north-south axis of des Sources and Saint-Jean Boulevards. As for industrial locations, they are located along Brunswick and Saint-Régis Boulevards, close to the City's southern border along Highway 40 • The civic centre houses skating rinks, indoor pools, an amphitheatre and much more • The city's urban planning department is at the service of developers who are interested in establishing a business in the city

Indicators

2014 Q2

2014 Q3

3.3%

2.0%

9.0%

4.1%

0.0%

79,822

47,651

29,137

32,171

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$5.50

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent5

Trend*

q q tu q p tu tu tu tu

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTION

Sales Transaction Volume ($)

# of Sales Transactions

Absorption

Total Vacancy Rate

Asking rent

87, boul. Brunswick

Coexiste Crossfit Inc.

16,382 SF

6.0

Millions

$5.50

Absorption (Thousands SF)

25 4.0

3.0

10 2.0 2.0% 5

1.0 0

2013 Q2 $0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-5

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 0.0

Asking Net Rent ($) / Vacancy (%)

5.0 $4

Industrial Submarket Dashboard Dorval

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Bordering on Saint-Louis Lake, Pointe-Claire, Dollard-desOrmeaux, Saint-Laurent and Lachine • Dorval enjoys a diversified economy as evidenced by its various types of commercial and industrial establishments • The dominant feature of the City remains the Pierre-ElliottTrudeau International Airport, which gives Dorval a definite edge in terms economic development RECENTofSALES • The city has become, over the years, the meeting place of more than 25,000 people who come daily to work for the many firms located in its strategically located industrial parks • Dorval meets the needs and expectations of its residents with a complete range fo services and activities as well as an outstanding quality of life which make it a great place to live and work

Indicators

2014 Q2

2014 Q3

4.4%

3.9%

6.5%

5.9%

0.0%

659,876

594,872

45,167

65,004

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$85.77

$132.52

Average Weighted Asking Rent5

$5.48

$5.32

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q tu q p tu tu p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

Absorption

# of Sales Transactions

$35

Total Vacancy Rate

Asking rent

6.0

Millions

$5.32 60

$30

5 $20 4 $15 3 $10 2

40 4.0 20

3.9% 0

3.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-20 2.0 -40

1.0 $5

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

-60

-80

0.0

Asking Net Rent ($) / Vacancy (%)

6 $25

Absorption (Thousands SF)

5.0

9569-9573, ch. de la Côte-de-Liesse

H.A. Kidd & Company Ltd.

12,263 SF

132, av. Lindsay

Bio Lonreco Inc.

9,050

9601, ch. de la Côte-de-Liesse

Boulangerie Casse-Noisette Inc.

7,748

737, av. Meloche

Abrasicorp & Equipments Ltd.

3,863

715, av. Meloche

Mavric Microwave Technology Inc.

3,395

612, av. Meloche

AB Forwarding Inc.

3,375

RECENT SALES TRANSACTIONS 2945-2965, av. André

Skyline Commercial Real Estate Holdings

133,557

2000, ch. Saint-François

Piret

78,560

2215, ch. Saint-François

9302‑1293 Québec Inc.

15,455

2063, av. Chartier

9304‑9005 Québec Inc.

5,144

2296, ch. Saint-François

Les Jardiniers Paysagistes Et Entrepreneurs Généraux Florence

3,911

2014 Q3

Industrial Market Dashboard Lachine

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Just off of Highway 20 with bus and commuter train services • Land used for industrial activities occupies nearly 50% of the total size of the borough • Industrial activity Lachine is located on four main areas: The Old Lachine Canal and the surrounding area (a sector in redevelopment), the area north of Highway 20, the Norman area (a sector restructuration), and the Yards of the Canadian Pacific RECENTin SALES • Lachine is also known for its abundant parks, bicycle paths, water access (Lachine Canal), its rich cultural History (presence of numerous 19th century working class homes) as well as many museums and unique works of art • Lachine is home to over 60 companies subsidiaries of foreign companies, which are among the largest employers in the district. THey include Rolls Royce and UPS

Indicators

2014 Q2

2014 Q3

9.1%

5.8%

11.4%

9.7%

0.0%

1,858,949

1,187,781

-80,947

671,168

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$29.21

$70.05

Average Weighted Asking Rent5

$4.35

$4.48

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q tu q p tu tu p p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Millions

$35

Absorption

Total Vacancy Rate

Asking rent

800

10.0

700

9.0

600

8.0

500

7.0

2100, 52e avenue

8843848 Canada Inc.

51,243 SF

1949, rue Onesime-Gagnon

Kintetsu World Express

18,313

3071-3075, rue Louis-A.-Amos

Chronos Group Inc.

3,739

1930, 1960, 52e Avenue

Fratino Family Management Inc.

121,998

1795, 32e Avenue

Skyline Commercial Real Estate Holdings

113,515

1625, 32e Avenue

Skyline Commercial Real Estate Holdings

81,394

3145-3185, rue Joseph-Dubreuil

Skyline Commercial Real Estate Holdings

72,769

1520, 1550, 52e Avenue

9306‑4962 Québec Inc.

29,111

$20 4 $15

$10 2

Absorption (Thousands SF)

$25

5.8%

400 300

6.0 5.0

$4.48 200

4.0

100

3.0

2.0

2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-100

1.0

-200

0.0

Asking Net Rent ($) / Vacancy (%)

$30

RECENT SALES TRANSACTION

Industrial Market Dashboard Saint-Laurent

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

•• A community that continues to thrive, Saint-Laurent today encompasses the largest industrial hub in Québec and is renowned for its aeronautic, life sciences and information technologies industrial clusters •• Among the communities' numerous advantages are its ideal geographic location and major highway network, complemented by two métro stations and three train stations, the latter serving the RECENT SALES Montréal—Deux-Montagnes commuter line giving easy access to downtown •• There are approximately 19.9 million square feet of industrial land to be developed located in the Technoparc and industrial areas •• Boasting approximately 4900 businesses and 106,000 jobs, Saint-Laurent is the second largest employment hub in the GMA

Indicators

2014 Q2

2014 Q3

3.6%

3.0%

6.1%

4.9%

0.0%

0.2%

2,621,578

2,140,693

Net Absorption (SF)

751,665

680,885

Under Construction (SF)

306,000

2,198,637

New Supply (SF)

125,000

200,000

Average Sale Price (PSF)

$69.60

$102.25

Average Weighted Asking Rent5

$5.47

$5.23

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Trend*

q q p q q p p p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS # of Sales Transactions

$90 $80 $70 $60 $50

$40 $30 $20 $10 $0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

Total Availability Rate

Asking rent

7.0

0.8

6.0 $5.23

0.6 5.0 0.4 4.0 0.2 3.0%

3.0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 2.0

-0.2

-0.4

-0.6

1.0

0.0

Asking Net Rent ($) / Vacancy (%)

23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0

Millions

$100

Absorption

Absorption (Millions SF)

Sales Transaction Volume ($)

4600, boul. Poirier

Fersten Worldwide Inc.

104,560 SF

105, boul. Marcel-Laurin

RD International

32,072

9600-9704, aut. Transcanadienne

TetragenX Inc.

18,776

6406, aut. Transcanadienne

Sysco Canada

14,294

9415-9495, aut. Transcanadienne

GNA Alutech

12,956

5400-5490, boul. Thimens

Footwear M&M Inc.

12,000

RECENT SALES TRANSACTIONS 5005, rue Lévy

TCAN Real Estate Investments Inc.

116,495

68, rue Stinson

Immeubles M&K Sayer Inc.

83,090

4915, place Olivia

TCAN Real Estate Investments Inc.

82,236

5000-5050, rue Lévy

TCAN Real Estate Investments Inc.

71,087

4800, 4850, rue Dobrin

TCAN Real Estate Investments Inc.

69,076

4950, rue Lévy

TCAN Real Estate Investments Inc.

67,862

Industrial Market Dashboard Midtown

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• In addition to well-established hospitals and those in expansion, the McGill University Health Centre now under construction, the biotechnology research institute, the medical faculty and pharmacy school of Université de Montréal, there are almost 650 health and social services establishments in the borough. They employ thousands of professionals • Contains one of the most sought-after resdential neighbourhoods, Notre-Dame-De-Grâce (NDG) • Numerous educational facilities, including one of Concordia University's campuses and several private high schools • Good connections to public transit, train, métro and bus lines

Indicators

2014 Q2

2014 Q3

3.5%

3.4%

4.9%

3.6%

2.0%

1.8%

2,299,280

2,232,624

202,288

66,656

New Supply (SF)

36,201

Average Sale Price (PSF)

$50.64

$33.28

Average Weighted Asking Rent5

$7.03

$6.78

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF) Under Construction (SF)

Trend*

q q q q q tu q q q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

$120

Absorption

Total Vacancy Rate

Asking rent

0.35

8.0

0.3

25 $80 20 $60

Absorption (Millions SF)

$100

0.25 6.0 0.2 5.0

0.15 4.0 3.4%

0.1

15 3.0 0.05

$40 10

2.0 0 2013 Q2

$20

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

Empire Clothing

52,306 SF

8615, ch. Dalton

Cablage Dynamique (2008) Inc.

18,116

5800, rue Saint-Denis

Uniforme Moderne

7,731

8459, ch. Dalton

Dalcon Inc.

6,492

8572, boul. Pie-IX

Services de Consultants Quasimodo

5,762

195, boul. Montpellier

Ahron Pinto

3,937

7.0

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-0.05

1.0

-0.1

0.0

Asking Net Rent ($) / Vacancy (%)

Millions

$6.78

5800, rue Saint-Denis

RECENT SALES TRANSACTIONS 5781, rue Notre-Dame Est

9280-4301 Québec Inc

605,623

6666, rue Saint-Urbain

9301‑8489 Québec Inc.

213,876

6650, rue Saint-Urbain

9301‑8489 Québec Inc.

170,236

11490-11550, boul. Armand-Bombardier

Groupe Immobilier Borex Inc.

63,428

9355, boul. Henri-Bourassa Est

1009102 B.C. Ltd

59,560

8660, rue Jeanne-Mance

Les Investissements Di Simone Inc.

31,157

2014 Q3

Industrial Submarket Dashboard LaSalle

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• An industrial sector located five minutes away from downtown Montréal • One of the main commercial centres on the island of Montréal • A dynamic business community with advantageous taxation • Good public transportation of bus and métro service • Easy access to highways 20, 15 and the Mercier and Champlain bridges • The manufacturing sector, with its 5,660 jobs, account for 21.5% of employment in the district. Retail ranks second with 4,735 jobs, or 18% of the total

Indicators

2014 Q2

2014 Q3

2.5%

2.4%

4.2%

3.1%

8.2%

6.5%

317,680

305,680

-9,229

12,000

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$100.22

$5.01

$4.91

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent5

Trend*

q q q q p tu tu tu q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

100

6.0

$9 5.0

$4.91

4.0

3.0

2.4%

2.0

1.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

-20

0.0

Asking Net Rent ($) / Vacancy (%)

80 $8

Absorption (Thousands SF)

Millions

$10

Absorption

RECENT SALES TRANSACTIONS 2515, rue Léger

Gestion Zandant Ltée

14,098 SF

2249, 2251, rue Léger

9179‑9262 Québec Inc.

6,720

9649, rue Clément

8895007 Canada Inc.

2,382

2014 Q3

Industrial Submarket Dashboard Town of Mount Royal

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The Town of Mount Royal industrial sector represents almost 40% of the Town’s area and its closest neighbours are the Cité scientifique de Montréal and the current Blue Bonnets Hippodrome site, and it also gives out onto Côte-de-Liesse Road and the Décarie Expressway. Approximately ten kilometres from P.E.T. International Airport and fifteen kilometres away from the Port of Montreal • Minutes from downtown, strategically located in the centre of the island of Montreal, Town of Mount Royal has access to major Highways (15, 40) • Easy access to buses and metro stations and commuter train to downtown Montréal • Large numbers of amenities, including a shopping center, professional services and educational institutions • The heart of a major network of bilingual resources • Lots of green spaces and activities • The overall industrial sector has already been densely built; from this point on, set-up projects involve more of a re-conversion of existing stock than choosing a vacant lot • Large-scale employers include Ericsson Canada, Kraft Canada, Lise Watier, Britton Electric Company, and several more

Indicators

2014 Q2

2014 Q3

3.9%

4.0%

6.0%

4.2%

2.2%

2.1%

478,079

491,882

36,800

-13,803

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$46.53

Average Weighted Asking Rent5

$6.69

$5.56

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p q q p q tu tu tu q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

200

8615, ch. Dalton

Cablage Dynamique (2008) Inc.

18,116 SF

8459, ch. Dalton

Dalcon Inc.

6,492

8.0

7.0

150

Absorption (Thousands SF)

$5.56

6.0

5.0

100 4.0%

4.0 50

3.0

1 2.0 0

2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 1.0

$1 -50 $0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

0.0

Asking Net Rent ($) / Vacancy (%)

Millions

Absorption

2014 Q3

Industrial Submarket Dashboard Montréal - Centre West

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The Montreal West End is made up of boroughs such as Côte Saint-Luc, Hampstead, Côte-des-Neiges, Outremont to name a few • Outremont is an upscale neighbourhood containing large brick homes, fancy shops and a smattering of public buildings • Public transportation includes trains, bus and metro stations • Lots of parks and green space in all of the boroughs • The borough of Outremont enjoys a very central location in the heart of the island of Montreal. The socio-economic profile of the population is in itself an excellent business opportunity for entrepreneurs who operate in the area of goods and services • The Côtes-des-Neiges—Notre-Dame-de-Grâce is the most populous district of the city of Montréal is home to over 165,000 people, or 10% of the population of the city's total

Indicators

2014 Q2

2014 Q3

3.7%

3.5%

4.5%

3.5%

0.6%

1,503,521

1,435,062

174,717

68,459

New Supply (SF)

36,201

Average Sale Price (PSF)

$51.66

$31.97

Average Weighted Asking Rent5

$7.53

$7.56

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF) Under Construction (SF)

Trend*

q q p q q tu q q p

* change over previous quarter

SALES TRANSACTION VOLUME

Sales Transaction Volume ($)

18-MONTH TREND RECENT LEASE TRANSACTIONS

# of Sales Transactions

Millions

$100

Absorption

Total Vacancy Rate

Asking rent

200

9.0

$90 $7.56

8.0

5800, rue Saint-Denis

Empire Clothing

52,306 SF

5800, rue Saint-Denis

Uniforme Moderne

7,731

8572, boul. Pie-IX

Services de Consultants Quasimodo

5,762

195, boul. Montpellier

Ahron Pinto

3,937

7535, boul. Henri-Bourassa E.

2964-3137 Québec Inc. (Secur Plus Alarmes)

2,400

$80

$60 20 $50 15 $40

$30

Absorption (Thousands SF)

7.0 25

$70

100

6.0

5.0

50 4.0 3.5%

3.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 2.0

$20 5

-50 1.0

$10 $0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-100

0.0

Asking Net Rent ($) / Vacancy (%)

150

RECENT SALES TRANSACTIONS 5781, rue Notre-Dame Est

9280-4301 Québec Inc

605,623

6666, rue Saint-Urbain

9301‑8489 Québec Inc.

213,876

6650, rue Saint-Urbain

9301‑8489 Québec Inc.

170,236

11490-11550, boul. Armand-Bombardier

Groupe Immobilier Borex Inc.

63,428

9355, boul. Henri-Bourassa Est

1009102 B.C. Ltd

59,560

8660, rue Jeanne-Mance

Les Investissements Di Simone Inc.

31,157

Industrial Market Dashboard North Area

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Includes areas such as Blainville, Boisbriand, Sainte-Thérèse, Rosemère and Laval • Boisbriand is home to 8 industrial parks and nearly 400 businesses which employ over 6,000 people • Industries present on the North Shore include agri-food, high tech, automotive, plastics and construction • New (25) built to link Montréal and Laval RECENThighway SALES • Laval has a diverse economy and has been one of the strongest economies in Québec, with investments totaling over 1 billion dollars for the past 6 years • Since 1981, Blainville has had an industrial park that currently houses more than a hundred companies • The municipality has offered companies a prestigious business park directly accessible from exits 25 and 28 of Highway 15. This zone offers prestigious firms in the technological sector excellent visibility

Indicators

2014 Q2

2014 Q3

4.5%

4.1%

8.0%

6.0%

24.5%

4.1%

1,562,051

1,435,937

Net Absorption (SF)

207,987

159,604

Under Construction (SF)

33,490

75,000

33,490

Average Sale Price (PSF)

$58.60

$68.37

Average Weighted Asking Rent5

$5.45

$5.32

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

New Supply (SF)

Trend*

q q q q q p p p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

500

Millions

$60

Absorption

6.0 $5.32

400

5.0

$40 15

$30

Absorption (Thousands SF)

300

4.0 4.1%

200

3.0

100

$20

5 $10

2.0

1.0 2014 Q2

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

-100

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

0.0

Asking Net Rent ($) / Vacancy (%)

$50

1415, rue Berlier

Le Groupe Master Inc.

15,000 SF

1445, rue Bergar

Liftow Inc.

9,600

3386, boul. Industriel

Compresseurs d'Air Express Inc.

8,099

4500, rue Louis-B.-Mayer

Les Services EXP Inc.

7,804

921, rue Michelin

Kop Turbines Inc.

6,400

1409, rue Bergar

Les Attaches Richard Inc.

6,307

RECENT SALES TRANSACTIONS 545, rue Fernand-Poitras

Saga Realties

218,930

2995-2999, boul. Le Corbusier

DREAM

112,392

1001, aut. 440 Ouest

DREAM

68,399

2345, av. Francis-Hughes

Agnl Pastry Canada Nominee Corp.

61,419

3700-3720, aut. 15

DREAM

50,930

4170, rue Nancy

9307-9572 Québec Inc.

35,607

2014 Q3

Industrial Submarket Dashboard Laval

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Easy access to Montréal with the new metro extension into Laval • New highway (25) built to link Montréal and Laval • Université de Montréal has expanded into Laval in the Cité de Savoir • Home to the Laval Technopole International Business Centre, Laval has a diverse economy and has been one of the strongest economies in Québec, with investments totaling over 1 billion dollars for the past 6 years • Laval also has a booming industrial sector capable of meeting diverse business needs with its City of Biotechnology and Human Health, Laval Science and High Technology Park and multiple industrial parks

Indicators

2014 Q2

2014 Q3

5.1%

4.8%

8.4%

6.4%

6.2%

5.1%

1,258,185

1,167,898

Net Absorption (SF)

174,022

123,777

Under Construction (SF)

33,490

$105.62

$85.97

$5.45

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

New Supply (SF) Average Sale Price (PSF) Average Weighted Asking Rent5

Trend*

q q q q q q p q tu

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

Absorption

# of Sales Transactions

$35

Asking rent

400

Millions

$40

Total Vacancy Rate

7.0

300

6.0

12 $25 10 $20 8

$15

Absorption (Thousands SF)

14 $30

200

5.0 4.8%

100

4.0

3.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-100

2.0

-200

1.0

-300

0.0

$10 4

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

Asking Net Rent ($) / Vacacny (%)

$5.45

1415, rue Berlier

Le Groupe Master Inc.

15,000 SF

1445, rue Bergar

Liftow Inc.

9,600

3386, boul. Industriel

Compresseurs d'Air Express Inc.

8,099

4500, rue Louis-B.-Mayer

Les Services EXP Inc.

7,804

921, rue Michelin

Kop Turbines Inc.

6,400

1409, rue Bergar

Les Attaches Richard Inc.

6,307

RECENT SALES TRANSACTIONS 2995-2999, boul. Le Corbusier

DREAM

112,392

1001, aut. 440 Ouest

DREAM

68,399

2345, av. Francis-Hughes

Agnl Pastry Canada Nominee Corp. 61,419

3700-3720, aut. 15

DREAM

50,930

2090, rue Monterey

Placements Censeo Inc.

21,295

1387-1389, av. de Valleyfield

9305‑2710 Québec Inc.

10,837

2014 Q3

Industrial Submarket Dashboard North Shore

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Includes areas such as Blainville, Boisbriand, SainteThérèse and Rosemère •Boisbriand is home to 8 industrial parks and nearly 400 businesses which employ over 6,000 people • Industries present on the North Shore include agri-food, high tech, RECENT SALES automotive, plastics and construction • The Town of Boisbriand welcomes to its territory companies from the most wide-ranging fields of activity. A thriving industrial centre, Boisbriand has effectively harmonized its industrial planning policies with the requirements and needs of the firms

Indicators

2014 Q2

2014 Q3

2.9%

2.5%

6.8%

5.0%

0.0%

303,866

268,039

33,965

35,827

Under Construction (SF)

75,000

New Supply (SF)

Average Sale Price (PSF)

$43.71

$51.57

Average Weighted Asking Rent5

$5.76

$4.79

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q tu q p p tu p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

# of Sales Transactions

Millions

$25

Absorption

Total Vacancy Rate

Asking rent

0.16

7.0

0.14

6.0

$20

Absorption (Millions SF)

0.12

5.0 $4.79

0.1

$15

$10

4.0

0.08

3.0

0.06 2.5%

2.0 0.04

$5 2

1.0

0.02

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

0.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

Asking Net Rent ($) / Vacancy (%)

RECENT SALES TRANSACTIONS 545, rue Fernand-Poitras

Saga Realties

218,930 SF

4170, rue Nancy

9307-9572 Québec Inc.

35,607

348-356 boul. Industriel

4080467 Canada Inc.

22,000

209 rue Poirier

9308-6361 Québec Inc.

18,100

5, rue John.-F.-Kennedy

Depotium Self Stockage Inc.

15,196

2125 boul. des Entreprises

Les Immeubles Pascal Et Sacha

14,062

Industrial Market Dashboard East End

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Development of an East Island Greenbelt due to presence of mature forests along Highway 40 • Proximity to Québec City and its many tourist attractions • New residential developments in areas such as Pointe-aux-Prairies and Pointe-aux-Trembles Public • The long-awaited Train de l’Est should facilitate travel to the downtown area

Indicators

2014 Q2

2014 Q3

5.1%

5.3%

7.1%

7.2%

7.6%

2,941,727

3,041,287

203,950

-99,560

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$40.44

$75.76

Average Weighted Asking Rent5

$4.81

$4.80

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p tu p p q tu tu p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS # of Sales Transactions

$25

Absorption

Asking rent

0.35

14 13

Millions

Total Vacancy Rate

6.0

12 11 10

9 $15 8 7 6 $10

$4.80 0.2

4.0 0.15 0.1

3.0

0.05

2.0 0

4 3

2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-0.05 1.0

-0.1

1 $0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

Numage Québec

31,397 SF

9101, boul. des Sciences

Hibbert International Inc.

30,075

9221, boul. Langelier

Reliable Parts Ltd.

6,266

8022-8046, rue Jarry E.

Wajax Industries

5,547

5.0 0.25 Absorption (Millions SF)

$20

8525, rue Ernest-Cormier

5.3%

0.3

-0.15

0.0

Asking Net Rent ($) / Vacancy (%)

Sales Transaction Volume ($)

RECENT SALES TRANSACTIONS 6810, boul. des Grandes-Prairies

Nobel REIT Limited Partnership

58,446

420-426, av. Marien

Surplus Fils Et Câbles Inc.

54,776

7801, rue Jarry Est

9116‑3188 Québec Inc.

52,107

8600, pl. Upton

9278‑1574 Québec Inc.

37,496

8500, rue Jules-Léger

Groupe Lou‑Tec Inc.

26,015

10100-10120,rue Mirabeau

Franky Filice Et Al

18,682

Industrial Submarket Dashboard Saint-Léonard

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Located in the East of the island along Highway 40 • Saint-Léonard is economically attractive to companies and investors because of its geographical location, making it a highly strategic road transportation hub • Saint-Léonard also has many parks and green spaces for playing and relaxing • With over 72,000 inhabitants, Saint-Léonard is by far the most populated sector in the East End of Montréal

Indicators

2014 Q2

2014 Q3

3.6%

3.9%

5.2%

5.8%

1.0%

0.9%

529,883

570,728

81,755

-40,845

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$60.43

$165.97

Average Weighted Asking Rent5

$4.34

$4.39

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p p q p q tu tu p p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTION # of Sales Transactions

$12

Absorption

Total Vacancy Rate

Asking rent

100

Millions

$4.39

$10

Absorption (Thousands SF)

3.9%

4.0 3.5

3.0

2.5 2.0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 1.5

-20 1.0

-40

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

-60

6,266 SF

4.5

Reliable Parts Ltd.

5.0

9221, boul. Langelier

0.5 0.0

Asking Net Rent ($) / Vacancy (%)

Sales Transaction Volume ($)

RECENT SALES TRANSACTIONS 6810, boul. des Grandes-Prairies

Nobel REIT Limited Partnership

58,446

2014 Q3

Industrial Submarket Dashboard Anjou

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The borough is located in the eastern end of the island and is traversed by Highways 40 (Metropolitan) and 25 (Louis-Hippolyte-Lafontaine) • Anjou contains the large Les Galeries d'Anjou shopping mall • 30 minutes to Downtown or to the P.E.T. International airport • The Haut-Anjou is characterized by high-end residential complexes and while the Bas-Anjou became the most densely populated area following its development during the 1950s and 1960s.

Indicators

2014 Q2

2014 Q3

3.8%

4.0%

5.3%

5.0%

0.0%

2.3%

761,464

798,066

64,560

-36,602

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$46.78

$63.66

Average Weighted Asking Rent5

$4.59

$4.39

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p q p p q tu tu p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

5.0 $4.39

$9 60

8525, rue Ernest-Cormier

Numage Québec

31,397 SF

9101, boul. des Sciences

Hibbert International Inc.

30,075

8022-8046, rue Jarry E.

Wajax Industries

5,547

4.5

4.0 40 3.5 20

3.0

2.5

2013 Q2 -20

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 2.0 1.5

-40 $2

1.0

1 -60

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

-80

0.5 0.0

Asking Net Rent ($) / Vacancy (%)

4.0% Absorption (Thousands SF)

Millions

$10

Absorption

RECENT SALES TRANSACTIONS 7801, rue Jarry Est

9116‑3188 Québec Inc.

52,107

8600, pl. Upton

9278‑1574 Québec Inc.

37,496

8500, rue Jules-Léger

Groupe Lou‑Tec Inc.

26,015

10100-10120,rue Mirabeau

Franky Filice Et Al

18,682

2014 Q3

Industrial Submarket Dashboard Montreal-East

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Kknown for its oil refineries where Shell converts its Montréal-East refinery to a fuels terminal for North America and the large Lafarge limestone quarry

Indicators

2014 Q2

2014 Q3

7.1%

7.2%

9.8%

10.0%

12.5%

12.3%

1,650,380

1,672,493

57,635

-22,113

New Supply (SF)

100,750

Average Sale Price (PSF)

$33.80

$24.90

Average Weighted Asking Rent5

$5.09

$5.18

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF) Under Construction (SF)

Trend*

p p q p q tu q q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

Absorption

# of Sales Transactions

$14

250

200

Total Vacancy Rate

Asking rent

8.0

$12

6 $8

Absorption (Thousands SF)

7 $10

150

6.0 $5.18

100

5.0

4.0

3.0 2013 Q2

3 $4

7.0

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-50

2.0

-100

1.0

-150

0.0

2 $2 1

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

Asking Net Rent ($) / Vacancy (%)

Millions

7.2%

RECENT SALES TRANSACTIONS 420-426, av. Marien

Surplus Fils Et Câbles Inc.

54,776 SF

10310, av. Pelletier

Produits De Bois Lombardi Inc.

6,140

11000, rue Sherbrooke Est, Local C-11

9232‑0704 Québec Inc.

5,014

11000, rue Sherbrooke Est, Local C-13

9232‑0704 Québec Inc.

3,704

10711-10713, av. Racette

9231‑0077 Québec Inc.

2,065

2014 Q3

Industrial Market Dashboard South Shore

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Cities include Longueuil (the largest on the South Shore), Brossard and Châteauguay, Candiac, La Prairie, Boucherville, Saint-Hubert and Saint-Bruno. • Located on the Southern Shore of the St.Lawrence river • Home to Quartier DIX30, a new shopping and living district • Home also to the training facility for the Montréal Canadiens, Montréal's National Hockey League Team • Longueuil became the third most important city in Québec and a major economic centre in the metropolitan region, with 9 industrial parks, and 11,000 businesses within the city limits Many major companies from various sectors have facilities in this market: Transcontinental, Danone, Sandoz, Groupe Robert, Distribution GPF Inc.

Indicators

2014 Q2

2014 Q3

3.4%

3.0%

7.6%

5.7%

2.9%

5.9%

1,055,105

954,958

Net Absorption (SF)

42,595

100,147

Under Construction (SF)

40,000

170,000

Average Sale Price (PSF)

$84.51

$72.41

Average Weighted Asking Rent5

$5.33

$5.54

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

New Supply (SF)

Trend*

q q p q p p tu q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

$25

Absorption

Total Vacancy Rate

Asking rent

250

6.0

Millions

$5.54 200 10

$15

$10 4

Absorption (Thousands SF)

150

100

4.0 3.0%

3.0 0 2013 Q2 -50

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 2.0

-100 $5

1.0

2 -150

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-200

0.0

Asking Net Rent ($) / Vacancy (%)

5.0

$20

4105, boul. Matte

Biron Groupe Santé Inc.

50,845 SF

2655, boul. Jacques-Cartier E.

Lennox Industries Inc.

18,410

3400, boul. Losch

Publi Sac

16,500

715, rue Delage

Autruche Variétés Inc.

8,697

2133-2135, rue de la Province

Armfoam Inc.

5,788

1550, rue de Coulomb

9075-0720 Québec Inc. (Publicité 11)

4,500

RECENT SALES TRANSACTIONS 4150, pl. de Java

9185‑5072 Québec Inc.

63,839

1310, rue Nobel

Gestion Immobilière Nobel Inc.

53,738

5125, rue J.-A.-Bombardier

Forcetek Inc.

50,112

665, ch. du Lac

Luxnor Inc.

5,075

642, boul. Guimond

Hyh International Inc.

3,946

577, rue Saint-Jean

7820348 Canada Inc.

2,912

Industrial Submarket Dashboard Brossard

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Brossard is the commercial hub of the South Shore, most businesses located along Taschereau boulevard • Large shopping centre such as Champlain Mall, Place Portobello and the lifestyle centre Quartier DIX30 • Brossard is the most ethnically diverse municipality in Québec RECENT SALES • Many parks are scattered throughout the city connecting to other areas of the city by about 37 km of biking paths • Brossard's service and retail sectors fuel the economy while its industrial park has a mixture of light and medium industry

Indicators

2014 Q2

2014 Q3

3.4%

3.3%

5.4%

4.2%

0.0%

119,709

116,497

Net Absorption (SF)

-6,805

3,212

Under Construction (SF)

40,000

170,000

New Supply (SF)

Average Sale Price (PSF)

$79.20

$4.70

$6.80

Vacancy Rate1 Availability Rate

Proportion of Sublease

Total Vacant (SF) 4

Average Weighted Asking Rent 5

Trend*

q q tu q p p tu tu p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTION

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

4105, boul. Matte

Biron Groupe Santé Inc.

50,845 SF

8.0 $6.80

7.0

6.0

3 $4

5.0

4.0 3.3%

3.0

$2 1 $1

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-5

1.0

-10

0.0

Asking Net Rent ($) / Vacancy (%)

Absorption (Thousands SF)

Millions

Absorption

RECENT SALES TRANSACTIONS 4150, pl. de Java

9185‑5072 Québec Inc.

63,839

3905, rue Isabelle, Local 106

9303‑4494 Québec Inc.

2,133

2014 Q3

Industrial Submarket Dashboard Saint-Hubert

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Saint-Hubert is the borough of Longueuil which has a wide array of commercial, industrial and agricultural enterprises • The aerospace industry is arguably the most important of these industry sectors • RECENT Pratt SALES & Whitney Canada designs and manufactures jet engines at the plant near Saint-Hubert airport • The Canadian Space Agency has its head office in the borough • The École nationale d'aérotechnique, a school that teaches aeronautics is located in the borough • Access to Highway 10 and the Jacques-Cartier bridge

Indicators

2014 Q2

2014 Q3

1.4%

0.8%

5.7%

5.5%

0.0%

73,560

45,190

-45,424

28,370

Under Construction (SF)

New Supply (SF)

$121.92

$57.21

$8.19

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Sale Price (PSF) Average Weighted Asking Rent5

Trend*

q q tu q p tu tu q tu

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

9.0 $8.19

8.0

7.0

6.0

5.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-10

4.0

-20

3.0

-30

2.0

$1 -40

1.0 0.8%

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-50

0.0

Asking Net Rent ($) / Vacancy (%)

Absorption (Thousands SF)

Millions

Absorption

3400, boul. Losch

Publi Sac

16,500 SF

3400, boul. Losch

Liquidentaire

3,750

3400, boul. Losch

Tambourin

3,750

4405, av. Thibault

Ébénisterie TD Design

2,000

4435, av. Thibault

Bujold-Guindon

2,000

4405, av. Thibault

Ventilation LG

1,000

Forcetek Inc.

50,112

RECENT SALES TRANSACTION 5125, rue J.-A.-Bombardier

Industrial Submarket Dashboard Longueuil

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• A thriving economy, based largely on cutting edge technology • Offers a whole range of commercial services, from prestige brand name companies to corner stores • Access to public transportation (buses and metro) • Minutes from downtown across the Jacques-Cartier bridges • The city of Longueuil has approximately 11,000 companies that are spread across all sectors of economic activity, but mainly the service sector dominates with nearly 80% of the workforce • Bordered by the St. Lawrence Seaway, the area is located near the port of Montreal (less than 15 km), which allows companies to connect to the U.S. Midwest markets and Europe

Indicators

2014 Q2

2014 Q3

3.8%

3.2%

6.3%

5.3%

7.8%

16.7%

399,893

337,591

-17,073

62,302

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$115.78

$4.84

$4.69

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent5

Trend*

q q p q p tu tu tu q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Millions

$18

Absorption

Total Vacancy Rate

Asking rent

150

7.0

2655, boul. Jacques-Cartier E.

Lennox Industries Inc.

18,410 SF

715, rue Delage

Autruche Variétés Inc.

8,697

2133-2135, rue de la Province

Armfoam Inc.

5,788

884, place Trans-Canada

Exact Nutrition Inc.

2,730

$16 100

$12

$10 3 $8

Absorption (Thousands SF)

$14

$4.69

5.0

50 4.0

3.2%

3.0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2 2.0

-50 1

1.0

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-100

0.0

Asking Net Rent ($) / Vacancy (%)

6.0

RECENT SALES TRANSACTIONS 642, boul. Guimond

Hyh International Inc.

3,946

577, rue Saint-Jean

7820348 Canada Inc.

2,912

Industrial Submarket Dashboard Boucherville

2014 Q3 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The industrial section of Boucherville covers the western part of the city; from Highway 20 all the way to Longueuil, this section is divided into 3 industrial parks • Boucherville is in close proximity to Saint-Bruno, which has a well-developed industrial park • Access to Highways 30, 10 and 20 • Boucherville is part of an region known as the Montérégie, which has one of the fastest growing populations of all of Québec • The Montérégie area has the highest percentage of manufacturing jobs in the province; close to ¼ of all manufacturing related to consumer products is performed in the Montérégie • The industrial park Boucherville is among the largest in Québec. In this space of about 7 km², there are over 575 companies that employ over 23,000 people

Indicators

2014 Q2

2014 Q3

3.9%

3.8%

10.1%

6.6%

0.0%

461,943

455,680

111,897

6,263

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$58.40

$72.69

Average Weighted Asking Rent5

$5.42

$5.48

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q tu q q tu tu p p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTION

Sales Transaction Volume ($)

Total Vacancy Rate

Asking rent

150

1550, rue de Coulomb

9075-0720 Québec Inc. (Publicité 11)

4,500 SF

6.0 $5.48

$4 100

5.0

3 $3

$3 2 $2

Absorption (Thousands SF)

4.0 3.8%

3.0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-50

2.0

-100

1.0

-150

0.0

1 $1

0 2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

Asking Net Rent ($) / Vacancy (%)

Millions

Absorption

# of Sales Transactions

RECENT SALES TRANSACTIONS 1310, rue Nobel

Gestion Immobilière Nobel Inc.

53,738

665, ch. du Lac

Luxnor Inc.

5,075

Industrial Market Dashboard Vaudreuil

2014 Q3 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Vaudreuil is 30 kilometers West of Montréal and shares a border with the province of Ontario • Vaudreuil-Soulanges' population has been on the rise since the 1990s and is now over 135,000 people while its main city, Vaudreuil, is inhabited by RECENT SALES over 32,000 • The city of Vaudreuil is strategically located at the junction of highways 20, 40 ,540, and 30, which makes the city a logistics crossroad • Vaudreuil-Dorion is composed of seven industrial parks bordered by major roads and railways

Indicators

2014 Q2

2014 Q3

7.1%

3.2%

11.0%

5.6%

0.0%

128,543

30,602

-61,104

97,941

Under Construction (SF)

New Supply (SF)

$6.50

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent

Trend*

q q tu q p tu tu tu

* change over previous quarter

18-MONTH TREND RECENT LEASE TRANSACTION 452, rue Aimé-Vincent

Absorption

Total Vacancy Rate

0.12

10.0

0.1

9.0

8.0

7.0

$6.50

0.04

6.0

0.02

5.0

4.0

-0.02

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3 3.2%

3.0

-0.04

2.0

-0.06

1.0

-0.08

0.0

Asking Net Rent ($) / Vacancy (%)

Absorption (Millions SF)

0.08

2013 Q2

1,115 SF

RECENT SALES TRANSACTION 189, boul. Harwood

0.06

Bigdog Payments

Asking rent

Groupe Première Moisson Inc.